News agency IANS reported quoting sources as saying that edtech company Byju’s is accused of forcing employees to resign immediately in Bengaluru. The development comes days after meeting several employees of Byju’s. Kerala Labor Minister V Shivankutty And alleged that the startup is asking employees to resign as the company wants to shut down operations in Thiruvananthapuram. However, Byju’s in its response said that it is wrong that Byju’s is “forcing” employees to resign.
As per reports, the Karnataka State IT/ITES Employees Union (KITU) has said that Byju’s is laying off employees at its Bengaluru headquarters. KITU Secretary Suraj Nidhiyanga said that the employees are reluctant to resign but they are being forced and the HR department is indulging in forcefully accepting resignations from the employees.
However, as reported by IANS, Nidiyanga said that no written communication has been circulated by the company regarding the layoffs. “For the past one week, the HR department has been calling the employees and asking them to resign voluntarily.
However, Byju’s said in a statement on Saturday, “It is absolutely wrong that Byju’s is forcing employees to resign. BYJU is a responsible organization and follows all the laws of the country. Byju’s employs around 50,000 people across India. About five percent, or 2,500, of these positions are being rationalized as part of Byju’s current strategic plan to grow profitably and sustainably.
It said that every employee who is affected by the restructuring is being personally informed with the same sympathy that they are entitled and required at the moment. Byju’s is offering them all a progressive exit package that includes extended family health insurance benefits, outplacement services led by some of the industry’s best recruiting experts, fast-track full-and-final settlement on demand and provision of ‘Garden Leave’ is included. They can look for a job on Byju’s Payroll.
“All of these employees will be offered an assured path to return to BYJU’S in the event they are unable to find jobs in new roles that are more relevant and productive to both the company and employees over the next 12 months,” Byju’s said.
Earlier this week, Kerala Labor Minister V Shivankutty said in a Facebook post, “At Techno Park, Thiruvananthapuram employees of Byju’s App came and met office bearers of IT employee welfare organization Echo of Technopark. There are many complaints including the loss of jobs of the employees. The Labor Department will investigate this matter seriously.
Technopark Today, a community digital media platform for IT professionals, also said in a LinkedIn post that Byju’s, which has an office in Technopark’s Carnival building, is planning to move out of the Kerala capital.
It said, “Byju’s Think & Learn Pvt Ltd working in Carnival Building, Technopark is planning to discontinue its operations from Trivandrum without any prior notice to the employees. More than 170 employees are employed at its center located at Technopark. The company The management is forcing the employees to resign.”
Recently, Byju’s said it would lay off around 2,500 employees across departments to cut costs amid mounting losses. “To avoid redundancy and duplication of roles, and better leverage technology, approximately five percent of BYJU’s 50,000-strong workforce is expected to rationalize in a phased manner across product, content, media and technology teams,” the company said. ,” said the company. Statement.
The company reported a loss of Rs 4,588 crore for the financial year ended March 31, 2021, 19 times higher than the previous fiscal, as the country’s most valuable startup on Thursday filed an audited financial statement after months of delay. issued.
Byju’s loss in the financial year 2020-21 increased from Rs 231.69 crore in 2019-20. Revenue during FY21 declined to Rs 2,428 crore from Rs 2,511 crore in FY20. But in the next fiscal year, ended March 31, 2022, the company said revenue grew four-fold to Rs 10,000 crore, but did not disclose profit or loss numbers for that year.
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